Bittrex has made public its decision to delist Bitcoin Gold (BTG) from its trade platform this September. The US-based cryptocurrency exchange which doubles as one of the world’s largest crypto exchanges; has attributed this decision to the series of hacks suffered by the crypto coin in recent times; on its exchange and a few other exchanges.
Bitcoin Gold (BTG) which was founded in 2017, is a hard fork of Bitcoin Core (BTC) and had been subject to series of hacks and attacks on its Blockchain network. The hack percentage which is quoted at 51% has resulted in the loss of $18 million worth of Bitcoin Gold with Bittrex one of the platforms preyed on by the hackers during the attack in May.
According to available sources, Bittrex had in the aftermath of the ‘double-spend’ hack requested a compensation of $255,000 worth of BTG (12,372 BTG) from the BTG team citing the development team’s inability to take responsibility for its Blockchain as its reason.This delisting will most probably compound the woes of the crypto coin and its reputation in the long term.
As a post effect of these series of hacks, BTG which previously held the fifth place on market capitalization standings is currently languishing in 30th place with a price of $21 after its initial devaluation from the $500 price during last year’s boom. From all indications the BTG development team looks set to damn the consequences as they claim Bittrex should manage and accept responsibility for its security policy as a private entity and revenue generating platform. The team also stated that it had provided Bittrex with enough post advisory services to ward off a repeat even going as far as providing the hacker’s wallet.
Bittrex is said to have alternatively tabled a bargain of 6,000 BTG or outright delisting before issuing the ultimatum as negotiations yielded no results. The delisting operation will have BTC-BTG, ETH-BTG and USDT-BTG trading pairs removed. Other exchanges affected by the May hack include; HitBTC, Bithumb, Binance, Bitinka and Bitfinex; however none has come forth with any strict measures.
It is yet to be seen if any development or mutual agreement will be reached by both teams with the delisting date set for 14th of September 2018.